[Federal Register Volume 59, Number 82 (Friday, April 29, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-10198]
[[Page Unknown]]
[Federal Register: April 29, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 20239; 811-827]
Pioneer Investment Plans for the Accumulation of Shares of the
Pioneer Fund; Notice of Application
April 21, 1994.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of application for deregistration under the Investment
Company Act of 1940 (the ``Act'').
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APPLICANT: Pioneer Investment Plans for the Accumulation of Shares of
the Pioneer Fund.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant seeks an order declaring it has
ceased to be an investment company.
FILING DATE: The application was filed on November 26, 1993, and an
amendment was filed on March 1, 1994. By letter dated April 20, 1994,
applicant has stated that it will make current its NSAR filings during
the notice period.
HEARING OR NOTIFICATION OF HEARING: An order granting the application
will be issued unless the SEC orders a hearing. Interested persons may
request a hearing by writing to the SEC's Secretary and serving
applicant with a copy of the request, personally or by mail. Hearing
requests should be received by the SEC by 5:30 p.m. on May 16, 1994,
and should be accompanied by proof of service on the applicant, in the
form of an affidavit or, for lawyers, a certificate of service. Hearing
requests should state the nature of the writer's interest, the reason
for the request, and the issues contested. Persons may request
notification of a hearing by writing to the SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 Fifth Street NW., Washington, DC 20549.
Applicant, 60 State Street, Boston, Massachusetts 02109.
FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Staff Attorney, at
(202) 942-0574, or Robert A. Robertson, Branch Chief, (202) 942-0564
(Division of Investment Management, Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee from
the SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is a periodic payment plan, which registered as a unit
investment trust on July 30, 1958 by filing a notification of
registration on Form N-8A pursuant to section 8(a) of the Act. On the
same day, applicant filed a registration statement on Form S-6 under
the Securities Act of 1933 to register its securities. The registration
statement was declared effective on or about April 12, 1961, and
applicant's initial public offering commenced soon thereafter.
2. Applicant consisted of Insurted Systematic Investment Plans and
Single Payment Plans (collectively, the ``Plans'') under which payments
by planholders were invested in shares of Pioneer Fund, an open-end
investment company. Each Plan was established and governed by the terms
of (a) an individual agreement among the investor, and depositor,
Pioneer Plans Corporation, and (b) a custody agreement between a
sponsor and the custodian, State Street Bank. The individual agreements
and the custody agreement were governed by the laws of The Commonwealth
of Massachusetts.
3. On December 20, 1990, the board of directors of Pioneering
Services Corporation approved a plan of conversion which would convert
each Plan to a Pioneer Fund Open Account. This vote subsequently was
ratified by a written action of directors dated as of February 22,
1994.
4. Planholders who had completed their contractual Plan payments at
the time of conversion were notified of the conversion by letter dated
January 2, 1991. On the same day, planholders who had not completed
their contractual payments were given the right to purchase shares of
Pioneer Fund at a reduced sales charge of 2% to complete their Plans.
This charge was lower than the amounts that would have been required to
complete their Plan obligations.
5. On January 5, 1991, Pioneer Plans Corporation converted each
Single Payment Plan and Insured Systematic Investment Plan to a Pioneer
Fund Open Account. Upon the effectiveness of the conversion, the entire
share balance of each Plan was transferred to a Pioneer Fund Open
Account registered in the name of the holder of the converted Plan. The
conversion had no effect on the value of the assets held in the Plans
(i.e., shares of Pioneer Fund).
6. Pioneering Services Corporation paid all expenses in connection
with the conversion. Expenses were incurred to pay the manager of the
project, and mailing and printing costs.
7. Applicant has no debts or other liabilities outstanding, and is
not a party to any litigation or administrative proceeding. Applicant
had no planholders at the time of filing of the application.
8. Applicant is not now engaged, nor does it propose to engage, in
any business activities other than those necessary for the winding up
of its affairs. Applicant presently has no legal existence under the
state laws pursuant to which it was created.
For the Commission, by the Division of Investment Management,
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-10198 Filed 4-28-94; 8:45 am]
BILLING CODE 8010-01-M
